코스닥기업의 부채만기구조 결정요인 분석
A Study on Determinants of Debt Maturity Structure of Listed Companies on the KOSDAQ Market
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본 연구는 코스닥시장 기업의 부채만기구조 결정요인을 분석하였다. 실증적 분석대상기간은 2002년 1월부터 2011년 12월까지 10개년이며 분석기간 자료가 이용 가능한 324개 기업의 2916개 패널자료를 선정하여 최소자승법에 의한 회귀분석과 더불어 고정효과모형과 확률효과모형으로 회귀분석하였다. 연구결과, 첫째, 유가증권시장을 대상으로 한 국내 선행연구에서와 같이 코스닥시장에서도 기업규모, 자산만기, 레버리지는 부채만기에 정(+)의 영향을 미치는 결정요인으로 확인되었다. 코스닥기업도 기업규모가 클수록 상대적으로 대출조건이 양호한 장기부채를 많이 이용하며 자산만기가 긴 유형자산을 많이 보유할수록 장기부채를 많이 이용하는 것으로 자산만기대응가설을 지지하였다. 레버리지가 높은 기업은 재무위험이 증가함으로 유동성위험을 회피하기 위하여 장기부채를 많이 이용하는 것으로 보인다. 둘째, 국내 선행연구에서 부채만기 결정요인 변수로 사용되지 않은 유동성과 이익변동성이 부채만기에 미치는 영향 분석에서 유동성은 부채만기에 정(+)의 유의적인 영향을 미치는 변수로 확인되었으며 이익변동성은 부채만기에 유의적인 영향을 미치지 못하였다. 셋째, 코스닥기업에서 성장옵션, 기업우량성, 법인세율은 부채만기에 유의적인 영향을 미치지 못하였으며 성장옵션에 따른 과소투자문제와 관련한 대리비용가설, 신호가설, 세금가설은 지지하지 않았다.
Abstract
The Purpose of this study is to investigate the determinants of debt maturity structure listed companies on the KOSDAQ(Korea Securities Dealers Automated Quotations) market, the data is based on the 2,916 firm-year observations during the sample period from 2002 to 2011. For panel data regression analysis, I use fixed effect regression model and randon effect regression model in addition to OLS model. As a result of this analysis, the firm size is significantly positively related to debt maturity. I also find the relationship between asset maturity and debt maturity is positively related in accordance with the matching principle which corporate debt maturity is matched to the maturity of assets in place. Financial leverage is found to be significantly positive relationship with debt maturity structure. Liquidity ratio is also significantly positively related to debt maturity. So firms with higher liquidity balances tends to lengthen their debt maturity. MV/BV as a proxy of growth option and earnings growth as a proxy of firm's quality are not significantly related to debt maturity structure. Corporate tax has not significant relationship with debt maturity. Operating earnings volatility is tend to negatively related to debt maturity but is not significant level. This study did not support signalling hypothesis under the asymmetric information and tax hypothesis.
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